It’s time for another Austin Sports Medicine 101 class!
The Austin sports medicine team at Medicine in Motion is reminding patients that as the New Year approaches, it’s time to pull out the healthcare plan paperwork to review coverage and assess how many unused insurance benefits remains. Whether it was a self-purchased plan or sponsored by an employer, most people can benefit by taking a few minutes for an insurance plan evaluation.
Here is a look at the first four points to remember for saving money in conjunction with health insurance:
- Annual Benefits – Any benefits with a calendar limit should be taken advantage of before the end of the year. These may include certain types of checkups and preventative health services.
- Disappearing Benefits – Carefully read through the insurance information provided by the employer and/or insurance company after enrolling to see if any benefits are changing with the New Year. If some are being reduced or outright eliminated, get the most of the current coverage before treatment costs go up.
- Health Savings Accounts (HSA) – An HSA is a medical savings account available to those who are enrolled in a high-deductible health plan. Funds contributed to an HSA aren’t subject to income tax at the time of deposit. A contributor can maximize tax savings by fulling funding their HSA account. Unused HSA funds will rollover and continue to grow each year.
- Flexible Spending Accounts (FSA) – This is an account established through employers for employees to place some of their pre-tax dollars into. Unlike HSA funds, unspent FSA money will NOT rollover, so it’s important to utilize those contributions before they’re gone. FSA dollars can be used for annual physicals, as co-payments for doctor visits, prescription refills, eyes exams and much more.